Reliance Securities: Currency And Bond Update - August 28, 2020
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Reliance Securities Report
The Indian rupee appreciated against the U.S. dollar this Thursday to a five-month supported by continuous portfolio inflows.
Lack of aggressive the Reserve Bank of India’s intervention in the market also triggered stop losses and helped the currency to appreciate above 74 levels this Thursday.
The rupee ended at 73.81 to the dollar against 74.30 on Wednesday.
The rupee had risen to an intraday high of 73.80 in the session, the highest since March 13, 2020.
The benchmark S&P BSE Sensex and the broader Nifty 50 index ended 0.1% and 0.08% higher, respectively on Thursday.
The U.S. dollar index dollar gained on Thursday after Federal Reserve Chairman Jerome Powell said, as was widely expected, that the U.S. central bank would roll out an aggressive new strategy to lift U.S. employment and inflation.
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